Precious Metals Having a Strong Start to the Week
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Monday, April 11th
Last week gold rose US$30 per ounce for the week and silver managed to rise 25 cents per ounce. The Mining Stock Journal said that the June gold future spiked up $4 right at the close of the afternoon Globex system on Friday afternoon. The newsletter said that this unusual end of week closing price spike has occurred a handful of times over the last eight weeks. It also noted that the May silver futures contract rose 5 cents in the last 45 minutes of Friday's Globex system trading. At this point it seems to be a bullish indicator, as both gold and silver have been rising steadily since the end of January.
In that regard, the Mining Stock Journal said that both the gold and silver charts are starting to look incredibly bullish, while the charts of the GDX, the Amex Gold Bugs Index and the Philly Gold and Silver Index are on the verge of breaking out. Though these indices have had sizable moves since early February, the mining stocks remain highly undervalued relative to the prices of gold and silver. If the gold and silver prices continue moving higher, the Mining Stock Journal said investors with mining stocks can look forward to good times ahead.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning….
Solaris Resources said drilling has connected the Warintza East and Warintza Central areas at its Warintza copper-gold project in Ecuador, with a highlight of 616m grading 0.63% copper equivalent from 276m depth within a broader interval of 892m grading 0.50% from surface. Solaris aims to release an updated Warintza Central resource estimate in April. To date, 62 holes have been completed at Warintza Central with assays reported for 54, and eight holes have been completed and reported at Warintza East. Solaris Resources trades on the TSX under SLS and on the OTCQB under SLSSF. News release
Arizona Metals announced the results of two recently completed drill holes at its Kay mine VMS project in Yavapai, Arizona which both thickened and deepened the mineralized zone. Highlights included 93.3m grading 8.3 grams per tonne gold equivalent including a higher-grade interval of 17.5m grading 29.6g/t in hole 60 the central portion of the deposit. While hole 57B intersected 125.3m grading 3.2% copper equivalent including higher grade intervals of 1.8m grading 9.9% and 7.3m grading 7.7%. The company has drilled about 52,000m at Kay to date with assays for an additional 20 holes pending. Arizona Metals trades on the TSXV under AMC and on the OTCQX under AZMCF. News release
District Metals announced it has commenced drilling at the Tomtebo Property located in the Bergslagen Mining District in south-central Sweden. The primary objectives of the Tomtebo Property drill program include two step out holes below polymetallic mineralization at the Steffenburgs zone where a recently reported hole TOM21-028 intersected 30.0 m at 10.9% ZnEq, to test for potential extensions of the massive sulphide lenses at depth. Core drilling at the Tomtebo Property will comprise 1,200 m in three holes, which will be followed by drilling 1,800 m in 10 holes at the Gruvberget Property located 40 km northwest from Tomtebo. Drill permitting for 800 m in two holes at the Bakar Copper Property on Northern Vancouver Island continues and drilling may commence in June or July. District Metals trade on the TSX V with DMX. News Release
Aston Bay Holdings said its exploration and earn-in partner, American West Metals reported the results of ore sorting test work on the Storm copper project on Somerset Island in Nunavut, Canada. Test work using a full-scale ore sorter generated a potential direct shipping product with a copper grade of 53.9%, estimated to be dominantly chalcocite with little to no impurities. The company said ore-sorting processing has low capital and operating costs, low emissions and no tailings or reagents, which combined with the high-grade and shallow mineralization, provides a potential pathway to a low footprint, low cost and ESG sensitive mining operation. A resource definition drilling and exploration program with the aim of defining a maiden copper resource and defining new zones of mineralization is expected to commence in June. Aston Bay Holdings trades on the TSXV under BAY and on the OTCQB under ATBHF. News release
AbraSilver Resource Corp announced assay results from three new diamond drill holes from the ongoing Phase II drill program on the Company’s wholly owned Diablillos property in Salta Province, Argentina. Highlight intercepts include the thickest, high-grade intercept on record at the project with 140 metres at 301 g/t AgEq, including 13 metres at 1,029 g/t AgEq in the Tesoro Zone. A total of 15,668 metres has now been completed as part of the Company’s 20,000 metre Phase II exploration program at Diablillos. Drills are focused on expanding mineralization for inclusion in the next Mineral Resource Estimate, anticipated in the third quarter 2022, as well as in-fill drilling to reclassify existing Indicated Mineral Resources to the Measured category. AbraSilver trade on the TSXV with ABRA and on the OTC with ABBRF. News Release
New Found Gold announced assays from 45 diamond drill holes designed to expand the high-grade gold mineralization at the Keats discovery on the northern portion its Queensway project near Gander in Newfoundland, Canada. It said a massive interval of brecciated, stylolitic and stockwork vein phases occurring within the dilational core of the Keats-Baseline Fault Zone was intersected in hole 464 which returned 7.2m grading 21.12 grams per tonne gold. Reconnaissance drilling confirmed a southern extension of the Keats Main Zone which has been named the 421 Zone. The company also seems to be recruiting from the Hogwarts school of geology as VP Ex Melissa Render said “Significant model advancements have been made recently following the addition of a senior geologist to our New Found exploration team, with wizardry 3D-modelling skills that have greatly increased our understanding of the Keats Zone.” New Found Gold trades on the TSXV under NFG and on the NYSE American under NFGC. News release It seems AI and wizardry, is the future of exploration.
That concludes today’s morning briefing.
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